The U.S. has imposed tariffs on 250 billion dollars worth of Chinese goods so far and China retaliated with 110 billion dollars worth of tariffs on U.S. goods.
Professor Shen Guobing from the School of Economics at Fudan University in Shanghai told gbtimes.com that China was already moving ahead, as evidenced by the latest World Bank Ease of Doing Business report that saw China jump 32 places to rank 46th among the world's economies a year ago. "We are building the future infrastructure of commerce to realize a globalized digital economy where trade is possible for every country around the world", said Daniel Zhang, CEO of Alibaba Group.
China's imported goods and services are estimated to exceed US$30 trillion and US$10 trillion, respectively, in the next 15 years.
The CIIE is hosted by China's Ministry of Commerce and the Shanghai municipal government, in partnership with the World Trade Organization, the United Nations Conference on Trade and Development, and the United Nations Industrial Development Organization.
In a speech that lasted more than half an hour, President Xi promised that he will cut tariffs.
China and the United States are engaged in a trade war that's seen Washington impose tariffs on $250 billion worth of Chinese goods coming into the US. He did say, however, that stimulus already announced was being seen in the economy.
Xi welcomed Kenyatta to the import expo and said that China is ready to help increase the added value and competitiveness of Kenyan products and expand imports from Kenya.
"We will foster a world-class business environment", Mr Xi said in an address opening the import fair in Shanghai. But Xi also highlighted China's resilience, pointing out its economy is a sea, not a pond.
In a veiled reference to the tariffs Trump has leveled against his country's exports, Xi told the inaugural China International Import Expo on Monday that "the practices of beggar-thy-neighbor" would lead to global stagnation. It would also continue to broaden market access, opening up the service sector to foreign investment as well as investment in the agricultural, mining and manufacturing sectors, as well as more opening for foreign involvement in the education and medical sectors.
A total of 81 countries are taking part in the fair and hoping to gain access to China's tightly closed import market.
A handful of countries are being represented by a single exhibitor selling one product.
"China is committed to further opening-up, increasing areas for foreign investment and providing the world's largest market for exporters over the world".
China's capacity of macroeconomic regulation is growing, and efforts to deepen reform across the board have unleashed new drivers of growth, he added.